Latest ABS news
JP Morgan researchers on Wednesday flagged the finalized Fundamental Review of the Trading Book (FRTB) rule as only slightly less problematic for securitized products dealers than the original version published by the Basel Committee in 2014, stating that capital requirements were still too burdensome and could lead to whole sectors seeing a drop in issuance.
A trio of auto ABS deals from CIG Financial, Honda and American Car Center were priced this week, contributing around $1.6bn to consumer ABS issuance.
Latham & Watkins has hired Jeremiah Wagner as a partner in its finance department. Wagner’s practice will focus on advising banks, private equity funds, asset managers, insurance companies, and pension funds on a variety of complex structured finance, securitization, and derivatives transactions.
Greene King’s tapped its securitization shelf Greene King Finance on Friday for £250m at 245bp over Gilts, in a deal predicted to "pave the way" for market participants looking to move into the sterling market.
Politicians in California have put forward a bill allowing the state to use insurance-linked securities (ILS) to protect itself against natural disasters.
Members of the European Parliament are planning to add a controversial ‘non-sustainable’ category to the Taxonomy of Sustainable Economic Activities proposed last year by the EU Commission. Two Brussels sources have told GlobalCapital the Parliament's vote on the issue, scheduled for Wednesday February 20, has been postponed after heavy pressure from corporate lobbyists.
Praetura Asset Finance successfully snuck in with its debut securitization just days before the deadline for grandfathering under the new European securitization regulation closed, despite having only recently finished a merger with another asset finance firm.
It was another busy week for the consumer ABS market, with 10 deals pricing and seven more in the pipeline expecting to be priced next week. The handful of transactions brought year to date volume to $33.98bn, not far from the $34.5bn priced this time last year.
Santander hires European ABS trading head – Créd Ag shuffles CIB – Liquidnet appoints president
Consumer ABS issuance has been shifting gradually from publicly registered offerings to 114A private placements since 2014, according to Wells Fargo research published this week. The change in distribution could mean less demand for ABS from investors that need larger, liquid public deals.
Go to GlobalCapital's Securitization data pages for our dealflow database, plus details of priced European and US CLOs and structured finance bookrunner league tables.
Latest securitization people & markets news
- FRTB rule still has bite after Basel waters down risk weights
- JPM’s chief regulatory officer and Sofr architect to retire
- There’s only one way forward for Greek NPLs
- Latham & Watkins hires London partner from Cadwalader
- EU Parliament calls for ‘brown’ category in green Taxonomy
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Latest news by market and league table performance
|Rank||Lead Manager/Arranger||Total Volume $m||No. of Deals||Share % by Volume|
|1||Bank of America Merrill Lynch (BAML)||1,284||2||30.09|
Bookrunners of Global Structured Finance
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|3||Bank of America Merrill Lynch||7,473.95||24||9.27%|
|5||Wells Fargo Securities||6,484.83||25||8.04%|